China will set up an asset management firms this year to speed the restructuring of smaller state-owned companies.

Vice Minister in charge of the State-owned Assets Supervision and Administration Commission Li Wei, told the CPPCC session China aims to cut the number of state-owned enterprises to between 80 and 100 by the end of next year.

The businesses involved and how the scheme will work are still under discussion.

(CCTV March 4, 2009)